Yahoo is trying really hard to show that they weren't fazed by Microsoft's unsolicited takeover offer (although they clearly were shaken to the bone), announcing service after service. This time it's Yahoo Video; the relaunched video portal is now a combination of YouTube-style user generated video content and exclusive content which includes sports, movies, and music.
The portal itself doesn't offer anything revolutionary and I don't see it making a dent in YouTube's market share, however the folks at Valleywag raise a good point: another Yahoo's property, Flickr, was supposed to introduce support for user-generated videos, but it never happened. So, while Yahoo cofounder and CEO Jerry Yang is trying to convince everyone that all is well with Yahoo, this slew of new features and services combined with the layoffs and inconsistencies in Yahoo's strategy often seem more like panic than business as usual.